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If you are in the finance or accounting departments – or if you are a regular reader of our blog – you already know that the IASB and the FASB issued updated standards with regards to revenue recognition in May of last year. These new revenue recognition standards impact virtually every company across the globe – and while standards are not effective until 2018, companies must start preparing now.
Are you ready?
RGP has invested a great deal of time and intellectual capital to prepare our clients for the new “rev rec” standards. Our industry experts have created assessment and implementation tools that they are using in companies across the world to help prepare for compliance with the new standards. The impact can be significant and involves people, processes and technology! Check out our RGP website for an overview of the revenue recognition services offered, and let us connect you with an expert in your area.
policyIQ can help to organize your data!
One of the key aspects of preparation of the new revenue recognition standards requires an evaluation of all existing contracts. For many companies, simply locating all contracts and pulling the data into a central place can require a huge investment of resources.
Companies have been using policyIQ as a centralized database to capture contracts for many years, and coupled with new rev rec contract evaluation tools developed by RGP, policyIQ can be a powerful tool for revenue recognition preparedness!
Our clients helped us, early on, to recognize that policyIQ is an excellent match for their contract administration needs. Using policyIQ for Risk and Compliance, Audit, or Policies and Procedures, they realized that the features that gave them better control over the integrity of their information, more simplified access to the content, version control, workflow and reporting capabilities, and easy-to-understand-while-powerful security would also be great for management of their agreements and contracts.
Over the years, we have worked with a number of companies to help them bring automation to various areas of their contract lifecycle:
Tracking critical attributes, in combination with features like policyIQ’s Custom Alerts, makes it possible to address key business decisions and deliverables related to a company’s agreements, for example:
- Alert Procurement Manager when a Vendor Agreement is approaching the Contract End Date (i.e. within 30 days of )
- Alert HR Manager when a new Staffing Agreement is published (trigger to send New Hire Packet to Employee)
- Customer Contracts
- Alert Sales Manager when
- Expected revenue exceeds $30,000
- The agreement is Approaching Expiration
- Alert Operations Manager when
- A Milestone has not been met by our team
- A Reporting Date is approaching
- Alert Sales Manager when
And with more urgency now that we’re already into 2015, the Revenue Recognition Standard issued in May of 2014 is leading companies to put controls and measures in place to ensure compliance with the standard.
With a few quick adjustments, policyIQ can help by providing a place to capture, track, and monitor agreements and the variables that are critical for compliance. In addition to the fields that you might already be tracking (like the start and end dates of contracts, deliverables, report dates, approval requirements and renegotiation concerns), you can ensure that you’re considering the value of services delivered at various points in time, all associate agreements that may be pertinent, whether those agreements start and end in the same year, and so on.
Have you organized your various agreements in policyIQ? Do you have questions about how to best configure policyIQ so that you can review and monitor your agreements from various perspectives? Have you updated your policyIQ configuration to better monitor critical attributes for compliance with the Revenue Recognition Standard? Reach out to the policyIQ team, support@policyIQ.com, and let us know what your pressing questions are—we’re happy to help!